Wirepas raised $16.2M from Tesi, KPN Ventures and existing investors.
Wirepas, a Tampere, Finland-based software company that has built a wireless connectivity platform for the Industrial Internet of Things (IIoT), announced closing in a €14.4 million ($16.2M) investment round.
The financing was provided by ETF Partners, Inventure, KPN Ventures, TESI (Finnish Industry Investment) and Vito Ventures. The additional funding, including the participation of existing investors, takes the total investment in Wirepas to €22 million.
The money will be used to further strengthening and increasing the reach of the global Wirepas ecosystem as well as on continuous product development.
Wirepas, founded in 2010 as a spinoff from Tampere University and led by CEO Teppo Hemiä, was part of a research program to connect an unlimited amount of environmental sensors wirelessly.
Since 2014, the company has provided a hardware-independent radio communications protocol based on a de-centralized network topology, using a software licensing model. The company employs approximately 50 people in 9 countries.
Wirepas shareholders include founders, Inventure Investment Fund from Finland, Vito Ventures from Germany, ETF Partners from the UK, management shareholders and private investors.